53Operatingactivities16,651Balance atbeginningof period59,547Maruho Report 2023Investingactivities-7,597Balance atFinancingactivities-589end ofperiod68,741Balance atbeginningof period68,741Operatingactivities-1,732Investingactivities-8,029Overview of Consolidated Statement of Cash FlowsCash flows used inoperating activitiesFiscal year ended September 2022Cash flows used in operating activities totaled 1,732 million yen, (net cash inflow of 16,651 million yen in the previous fiscal year.) This was due to profit before income taxes of 6,219 million yen, which decreased year-on-year due to proactive investments, an increase in inventories in preparation for new product launches and payment of income taxes.Cash flows used ininvesting activitiesFiscal year ended September 2023Cash flows used infinancing activitiesBalance atFinancingactivities-617end ofperiod58,414(Millions of yen)80,00060,00040,00020,000Note: Effect of exchange rate change on cash and cash equivalents (731 million yen) is included in Balance at end of period.The balance of cash and cash equivalents as of September 30, 2023 was 58,414 million yen (down 15.0% from September 30, 2022). Detailed changes in each cash flow are presented in the graph below.The Maruho Group’s demand for funds is mainly for the purpose of investment in research and development, as well as investments in tangible and intangible fixed assets, such as construction of new manufacturing facilities, enhancement of R&D functions, and acquisition of sales rights. In addition to these investments, the Maruho Group maintains a level of cash and deposits that can be used for certain strategic investment opportunities.5. Financial/Company Information Business Performance and Financial AnalysisCash flows used in investing activities increased 5.7% from the previous fiscal year, to 8,029 million yen, mainly due to payment of 6,762 million yen for active capital investment to purchase tangible and intangible fixed assets.(Millions of yen)80,00060,00040,00020,00000Note: Effect of exchange rate change on cash and cash equivalents (51 million yen) is included in Balance at end of period.Incidentally, the Maruho Group has been rated “A-” by Rating and Investment Information, Inc. (R&I), and the Rating Outlook was changed from “Stable” to “Positive” in September 2023. We have also established commitment lines totaling 10 billion yen with financial institutions in Japan, making us prepared for liquidity support.Cash flows used in financing activities increased 4.6% from the previous fiscal year, to 617 million yen.Cash flows
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